(News Bulletin 247) – Credit Suisse maintains its Outperformance recommendation and its target price of 65E on the Edenred share.
The announcement of the acquisition of Reward Gateway is noted by the broker for whom ‘the advantage of the agreement lies in the revenue synergies, expected at 50 million euros over a period of five years and could add an additional increase from 2 to 3% of EPS’.
For the analyst, the risks are largely ‘macroeconomic (volatility of fuel and currencies) with around 11% of operating revenues exposed to fuel prices’.
And to explain its valuation: ‘Our price target is based on 30x our 2024 EPS, a slight premium to EDEN’s historical one-year average, 11x EV/EBITDA, below ~15x the one-year average .’
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